Former Chief Financial Officer, Jessica Uhl: Remuneration Disclosure

Source: 4/1/2022, Location: Europe

Further to the announcement made by the Company on 1 March 2022 that due to Jessica Uhl’s family circumstances a long-term relocation to the UK is not sustainable, Jessica stepped down as Chief Financial Officer and as a Director of Shell plc (“Shell”) with effect from March 31, 2022. Jessica will be available to assist Sinead Gorman and the Board with the transition until June 30, after which she will leave the group.

The following information is provided in accordance with section 430(2B) of the Companies Act 2006. The arrangements set out below are in accordance with the Directors’ Remuneration Policy (“Policy”) approved by shareholders at the 2020 Annual General Meeting (“AGM”).

Payment for loss of office: a gross payment of GBP 921,000, equivalent to one times base salary. The payment for loss of office will be phased in twelve equal bi-weekly instalments, and outstanding payments will be reduced by 50% if Jessica resumes a paid role in that period.

2. Remuneration Payments
(i) 2022 Salary: Jessica will continue to receive her base salary until 30 June 2022.
(ii) 2022 Annual Bonus: A pro-rated annual bonus in relation to performance year 2022 will be determined by Shell’s Remuneration Committee in July 2022. 50% of any bonus awarded will be delivered in shares which are subject to a three year holding period that remains in force after Jessica leaves Shell group service.
(iii) Long-term incentive (“LTIP”):
The 2020 and 2021 LTIP awards will be reduced to reflect the portion of the performance period that has elapsed to 30 June 2022. The retained awards will then vest subject to the satisfaction of the performance conditions assessed over the normal three-year performance period. These awards are subject to adjustment events (malus and clawback) which remain in force after Jessica leaves Shell group service.

The 2022 LTIP award lapses in full.
(iv) Pension: Jessica will continue to accrue her pension benefits until 30 June 2022.
(v) Benefits:
Medical insurance benefits will continue until 30 June 2022.
The Shell group’s International Mobility provisions will apply in respect of tax return assistance and relocation support (such as movement of household goods, transportation and temporary accommodation).

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